Contract Lifecycle Management

Contract clauses form the foundation of legal agreements. Contract clauses are the building blocks of all formal written contracts.  The contract clauses define the obligations, rights, and responsibilities of the parties involved. From an automation perspective, contract management systems can support standardizing contract clauses to ensure consistency across multiple agreements. It helps minimize confusion, reduce risks, and speed up the negotiation process. Using pre-approved language contracts can be created quickly and efficiently.  The agreements will be clear and consistent with

One of the great capabilities of full-featured contract management systems is generating signature-ready contracts quickly and easily.  Automated contract generation is accomplished through the use of document templates that contain data field tags that link to the contract data records. What is Data Merge? “Data Merge” uses the same concepts as “Mail Merge” that you may already know.  These are software features that combine a template with a data source. The merge operation fills in predefined fields in your document template with

Navigating the complexities of a cost-reimbursement contract can seem daunting. Do contracts like these cause confusion about expenses and budget projections in your projects? This blog will clear up the confusion by explaining what a cost-reimbursement contract entails, the various types available, their benefits and drawbacks, and best practices for creating and managing these contracts. Understanding Cost Reimbursement Contracts A cost reimbursement contract is an agreement where one party reimburses another for allowable expenses during a project.  This type of contract is

Midsize to large organizations often rely on outside counsel for their legal expertise. However, you can’t manage these relationships without a structured approach. By using contracts to track outside counsel services, your legal department can maintain control, optimize spending, and achieve better outcomes. Read on to learn how to leverage contracts to monitor, evaluate, and manage these services. What Is Outside Counsel? Outside counsel are external lawyers or law firms that you hire for specialized legal services. They can help with litigation,

You would not leave your company finances unmanaged, right? Well, contracts are just as important as your finances. Without your contracts, you would not have a business or finances to manage.  If you are not tracking deliverables, reporting, renewal, and expiration dates, you are exposing your business to legal trouble. Let’s take a closer look at the cost of not tracking contract renewals and expirations so that you can make smart decisions about our contract management. The Financial Toll of Missed Renewals Overlooking

Business contracts are your safety net in business, but managing them manually is risky. Lost documents and missed deadlines can put your business in jeopardy, especially for small businesses. Why not let technology do the heavy lifting?  Contract management software can automate tedious tasks for you, offering a management solution.  At Great Minds Software, we offer contract management for small businesses to help you mitigate risks and protect your interests. Why Do Small Businesses Need Contracts? Contracts are the foundation of every

In today’s business landscape, contracts are the backbone of operations. Effectively managing these agreements is critical to a company’s success. One key strategy for achieving this is tracking contract management KPIs. How can businesses measure and optimize their contract management processes using KPIs? Let’s dive into the most impactful KPIs and practical advice on leveraging these indicators to improve your contractual outcomes and efficiencies. With Great Minds Software, mastering these KPIs is within reach. What are Contract Management KPIs? Contract management KPIs

Does your company track which contracts relate to your Intellectual Property (IP)? Are struggling? We’ve seen many organizations face this challenge. It’s a common issue, but one with serious consequences. If you don’t effectively associate contracts with intellectual property, you risk missed opportunities, legal battles, and even losing ownership. Often, there is a disconnect between your IP and the contracts related to that IP.  You can see the problems: expiring rights, product use, sale of your IP, IP renewals, licensing, etc. 

Contract migration often stirs up a mix of reactions. Does the thought of transferring all contractual data and documents from an old system (or NO system!) to a new one sound overwhelming? It doesn’t have to be. This blog will explore what contract migration entails, why it’s necessary, and how it functions. Understanding this process can alleviate many headaches for midsize to large organizations seeking scalable and secure contract management solutions. You may wonder if your current system can handle growing

Enhancing Contract Management Security for Modern Businesses How secure are your contracts? Many organizations overlook the security of their contracts, exposing themselves to risks. We are here to change that.  At Great Minds Software, we have long experience in contract security to protect your business. This is possible with our Contract Advantage™ platform. Find out how you can use this service below. What Is Contract Management Security? Let’s talk about contract security. It’s a big deal, but it’s often misunderstood. We’re not